More Time Proposed for Leases & CECL

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At its July 17 meeting, FASB addressed the mounting anguish of companies facing accounting implementation overload. FASB’s new “philosophy” would grant an extra year for private companies for lease implementation, an extra two years for CECL adoption for smaller banks and credit unions and an extra year for all entities to adopt the insurance standard. Read on to learn more about FASB’s proposal for a two-bucket approach to stagger effective dates.

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